Analysis Of Several Kinds Of Venture Capital Incentive Models

Venture investment has the vital significance to the development of economy.In this dissertation,several kinds of venture capital incentive models are researched by stability theory and dynamical systems theory.Firstly,this paper gives the relevant concepts about venture capital and the characterization of the Principal-agent Problem in venture capital, which is prepared for the next chapter.Secondly,from the principal-agent theory,it has improved the traditional model of principal-agent and discussed the model.Through construct the Hamiltonian function we can obtain the condition which the optimum solution meets.Conclusions of this part could maximize the income between venture entrepreneur and venture capitalist.Thirdly,it has studied multi-stage Venture Investment, by discussing the problem of re-production and capital operating investment for Venture Enterprises,from introducing a traditional Ramsey Model to Venture Investment,a Multiple Stage Decision Model is set up,which maximizes the total profit of venture enterprise in multi-periods.Using the stability theory,the solution stability of the model is investigated,and it discusses the distribution of control right at the equilibrium points.Then,it studied the Investment System by Dynamical Systems Theory,which oriented multi-stage venture capital investment as background.Fixed Point is found and its Stability is proved. Finally,I summarized the Paper and make relevant recommendations and Prospects.